MPC leverages Hanjin relaunch for supply ship order with fast delivery

Hanjin had a large shipbuilding operation at its peak ten years ago (Hanjin file photo)

Posted on January 17, 2022 at 1:53 p.m. by

The Maritime Executive

Germany’s MPC Capital, which is looking to take advantage of opportunities in the container ship market, has confirmed that it is the company that has ordered four new eco-friendly vessels from Hanjin, now known as HJ Ship building. The contact offers strong benefits to both companies, as Hanjin returns to commercial shipbuilding after a six-year absence, while MPC has the opportunity for rapid deliveries.

The Hamburg-based asset and investment manager, which is the parent company of MPC Container Ships, has confirmed that together with partners it has ordered four new 5,500 TEU container buildings. The company highlighted the attractive new construction locations available in Hanjin, saying it would provide a unique market opportunity. The delivery of the first vessel is scheduled for the second quarter of 2023.

“We are convinced that the demand for new container ships with favorable specifications, low fuel consumption and high environmental ratings will increase,” said Christian Rychly, Managing Director Shipping at MPC Capital. “The order book in this size segment is quite low and 80% of ships at sea today are non-green ships.”

The company said the vessels feature a high-efficiency design that will be EEDI-Phase 3 and NOx Tier III compliant and the eco-design provides a 40% fuel savings compared to the existing fleet. Also, following the lead of other industry players including Maersk, MPC notes that the vessels will be built ready to be converted for methanol-based operation with a DNV rating confirming their statistics.

MPC is a leader focusing on the feeder segment which currently owns and operates a total of 68 vessels. They operate serving intra-regional trade lanes on fixed rate charters.

The Korea Development Bank completed the sale of Hanjin last August, with the Dongbu Construction Consortium acquiring a 66.85% stake in Hanjin Heavy Industries from its creditors. The shipyard, which is South Korea’s oldest and whose origins date back to the 1930s, was acquired by Hanjin in 1989. After avoiding bankruptcy through a government-led bailout in 2016, operations Hanjin shipbuilding continued with government work.

In October 2021, it was reported that Hanjin had wins its first commercial contract for the construction of these container ships. The yard changed its name to HJ Shipbuilding in December 2021, indicating that it marked a new start for operations. Its parent company, HJ Heavy Industries, also returned to business affairs by announcing, according to Korean media reports, that it was bidding for the contract to build the Pyeongtaek Arts Center. Last week, the company was also selected to build new housing at Korea Maritime University.

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